Indonesia -- Regulatory Status Regulatory Overview

Indonesia adopts a comprehensive regulatory approach to cryptocurrencies, classifying them as digital financial assets legal for trading and investment but banned as a means of payment, with oversight emphasizing consumer protection, anti-money laundering (AML), and market integrity.[1][3]

Primary Regulatory Bodies

• Financial Services Authority (OJK): Primary regulator since January 10, 2025, supervising trading, exchanges, settlement, clearinghouses, custodians, and asset dealers. It enforces licensing, governance, capital requirements, KYC/AML, and a "same activity, same risk, same regulation" principle aligned with global standards.[1][2][3][5]
• Bank Indonesia (BI): Central bank enforcing the Currency Law, prohibiting crypto use for payments and upholding the rupiah as sole legal tender.[1][4]
• Commodity Futures Trading Regulatory Agency (BAPPEBTI): Former regulator until the 2025 transition to OJK; previously oversaw crypto as commodities.[1][3][4]

Key Legislation

• OJK Regulation No. 27 of 2024: Classifies crypto as digital financial assets; mandates compliance on capital, consumer protection, and AML by July 2025. Effective post-January 2025 transition.[1]
• OJK Regulation No. 23/2025: Introduces a whitelist of 29 licensed digital asset platforms/exchanges; restricts unlisted operators, requires segregated margin accounts, user knowledge tests for derivatives, and approved asset listings.[2]
• Law No. 4 of 2023 on Financial Sector Development and Strengthening (UU PPSK): Passed December 15, 2022 (effective January 12, 2023); transfers crypto oversight from BAPPEBTI to OJK by January 10, 2025, to enhance investor safety and align with international standards.[1][3][4]
• Earlier BAPPEBTI rules (e.g., No. 8/2021, amended by No. 13/2022 and No. 4/2023): Provided trading guidelines until the transition.[4]
• Currency Law: Prohibits crypto payments; rupiah-only legal tender (pre-2017 BI ban on payments).[1][4]

Stance on Crypto Trading and Exchanges

Crypto trading is fully legal on licensed exchanges listed in OJK's whitelist of 29 platforms, with strict requirements for operations, derivatives, and compliance. Unlicensed platforms are unauthorized and targeted for enforcement. OJK promotes industry strengthening (e.g., governance improvements amid 2026 transaction slumps) and is reviewing spot Bitcoin/Ethereum ETFs for H1 2026. Industry lobbies for stablecoin recognition, but payments remain banned.[1][2][5][6] Tax reporting applies via Crypto-Asset Reporting Framework (CARF) for service providers.[7]